Part 15Deduction of income tax at source
Chapter 2Deduction by deposit-takers and building societies
Other investments which are not relevant investments
869Sale and repurchase of securities
1
An investment is not a relevant investment if it is a loan which is treated as made to a building society by virtue of section 607 (treatment of price differences under repos).
2
An investment is not a relevant investment if it is an amount of cash which is—
a
received by a building society in connection with a repo in circumstances where section 607 applies, and
b
required as a result of a variation in the value of the securities in respect of which the repo is made as security for performance by the parties to the repo of their obligations under it.
3
In this section “repo” has the same meaning as in Part 11 (see section 569).